Misek, who has previously raised red flags when Apple cut orders to suppliers, cut his iPhone sales estimate for the quarter ending March to 35 million from 37.5 million.

He cut his target price on Apple's stock to $420 from $500. Misek, who has drawn comparisons between Apple and fading handset makers such as BlackBerry and Motorola, had a price target of $900 on Apple shares in August.

(FILES)The Apple logo is seen in this September 11, 2012 file photo at the Yerba Buena Center for Arts in San Francisco. KIMIHIRO HOSHINO/AFP/Getty Images
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"When handset makers fall out of favor, they fall faster/further than expected," he said in a research note.

Apple's stock was down 1.8 percent at $430.20 on the Nasdaq on Tuesday.

Misek said he expected Apple to report second-quarter revenue of $41 billion, at the low end of the company's own forecast of $41 billion to $43 billion.

Analysts on average expect current quarter revenue of $43 billion, according to Thomson Reuters.